A Huge Collection of Motivational Quotes

Category Archives: Anonymous

Anonymous means having no known name or identity or known source or an unknown or unacknowledged name. In this category all quotes are related to various writers. We don’t know the writer of the quote. All quotes who has no writer’s information to us under this category.

(i) If your have a Safe Deposit Deposit Locker with the bank being merged, then you may have to approach the Acquiring Bank for allotment of a fresh locker.

(j) Your Service Charges will vary.

(k) I understand the existing interest rates on your Deposits and Loans will continue, for the rest of their contracted term, without any change. Nevertheless, check and get it confirmed.

(l) In case of Mortgage of immovable properties, assignment of shares/LIC policies, enquire their future fate.

(m) If you have taken any Insurance Policy through your bank for Life/Health, enquire with regard to their further validity and future servicing.

Before visiting your bank, list out the jobs to be done and take necessary papers/documents/passbooks/cards with you and visit the bank in the post lunch session.

Do not postpone your work till the last moment.

On 27th of this month, there may be a Bank strike.

28th and 29th are bank holidays in view of 4th Saturday and Sunday.

30th and 31st, bank staff will be busy with their annual closing of accounts and will be under immense pressure for recovery of loans.
Some banks & branches may have different procedures according to their convenience and instruction.

Many bank rules were changed from 1st September 2019, which may have a direct impact on your life. The new set of rules has come with many benefits for the bank customers including cheap home loans and Kisan Credit Card within 15 days. In addition, the bank timings were also changed for the benefit of the general public.

Bank Timings:
In general, banks in India open at 10 am for the general public but from 1st September 2019, these timings may change for the PSBs. Now, the PSBs may have to start banking functions for consumers from 9 am. The Ministry of Finance has already issued directives to the PSBs to begin banking operations at 9 in the morning from September onwards.

Kisan Credit Card within 15 days:
From 1st September 2019, it is easy for the farmers to get Kisan Credit Card (KCC). Banks will now issue KCC within 15 days to farmers. The Central Government has already issued a notice to different Indian banks in this regard.

SBI Home Loans will be cheaper:
From 1st September 2019, State Bank of India home loans will become cheaper. This is because the repo linked lending rate (RLLR) of SBI has changed the pattern of the home loan industry. SBI has cut home loan interest rate by 0.20%. From September 1, the interest rate on home loan will be 8.05 %.

Lower interest on SBI Fixed Deposit:
From 1st September 2019, SBI will cut the rate of interest on retail fixed deposits (FDs) and bulk deposits. The bank, however, did not make any changes in the savings bank interest rate. SBI customers with deposits up to Rs 1 lakh will continue to get 3.5 per cent interest on savings account while customers with above 1 lakh deposits will get 3 per cent only. SBI has reduced the rate of retail term deposits from 0.1 to 0.5 per cent. Also, the bulk deposit rate has been cut from 0.3 to 0.7 per cent.

Auto, personal loan within 59 minutes:
To give some relief to its customers, banks will disburse auto and personal loans within 59 minutes. From 1st September, many banks in India are going to introduce ‘psbloansin59minutes’ services at its branches across the country. According to a source, Oriental Bank of Commerce would begin.

Repo Rate linked retail loans:
Bank of Maharashtra said that they will link their retail loans with the RBI’s Repo Rate. This step would make its retail loans economical.

KYC compulsory for mobile wallet use:
If you use mobile wallets such as Paytm, PhonePay, etc. then make sure that your Know Your Customer (KYC) is completed by 31st August or else you won’t be allowed to use your mobile wallet. The step has been taken after the RBI notice to mobile wallet companies asking them to finish the customers KYC by 31st August 2019. It must be noted that mobile wallet accounts without KYC will be closed by RBI.

Jet_Airways…. 20000+ employees lost their job due to sudden shut down of the company.

*Impact:*

1. Many Employees would have EMIs Running for Personal Loans, Home Loans and so on.
2. Few might be struggling with meeting the ends in life. And have to join whatever job they get even with low salary and low level.
3. Many Women employees or Men Employees wife might be Pregnant and will be terrified with this. And they have to find the second Job in Quick time.
4. Many wouldn’t have enough savings to survive till they find the new Job.
5. Many people might have planned so many things for the bright future.
But you know what? One such incident and you are nowhere!

You laterally feel sucked!!

*Learnings:*

1. Never ever depend on Single Source of Income or Company. Or I would say never ever depend on just 1 thing in Life. Have Multiple Sources of Income.
2. Always work towards Building Yourself. Invest money in Making Yourself Irreplaceable. Make yourself such that it’s difficult to replace you.
3. Do not feel secure at Job.
Job is always a Rented House.
Rented House is good till the time you Buy your Own. Don’t misunderstand between these

If you are demotivated because you are not getting good opportunities… then this story will motivate you…

It will rain only after 12 years

Once, Lord Indra got upset with Farmers, he announced there will be No rain for 12 years & you won’t be able to produce crops

Farmers begged for clemency from Lord Indra, who then said, Rain will be possible only if Lord Shiva plays his Damru, but he secretly requested Lord Shiva not to agree to these Farmers & when Farmers reached Lord Shiva he repeated the same thing that he will play Damru after 12 years

Disappointed Farmers decided to wait till 12 years but one Farmer regularly was digging treating & putting manure in the soil & sowing the seeds even with no crop emerging

Other Farmers were making fun of that Farmer. After 3 years all Farmers asked that Farmer why are you wasting your time n energy when you know that rains will not come before 12 years

He replied ” I know that crop won’t come out but I’m doing it as a matter of “practice”. After 12 years I will forget the process of growing crops n working in the field so I must keep it doing so that I’m fit to produce the crop, the moment there is rain after 12 years

Hearing his argument Goddess Parvati praised his version before Lord Shiva & said You may also lose the practice of playing the Damru after 12 years
The innocent Lord Shiva in his anxiety just tried to play the Damru, if he could, and hearing the sound of Damru immediately there was rain n the farmer who was regularly working in the field got his crop emerged immediately and others were disappointed.

Debriefing of this story

The game is won during the practice, not during the performance. If you are waiting for the good opportunity before you start practicing, then you have lost the race.

“Practice is boring but that’s what makes your performance interesting”

1. *Amar Nath Goenka and ors v. ACIT (ITA No. 5882/D/18) (ITAT, Delhi) (12/12/2018)
SECTION 10(38) AND SECTION 68 – LONG TERM CAPITAL – PENNY STOCK ASSESSEE DISCHARGING THE ONUS BY PLACING ON RECORD VARIOUS DOCUMENTARY EVIDENCES – AO DID NOT MAKE ANY INDEPENDENT ENQUIRY – STATEMENT OF THIRD PARTY WHICH WAS NOT SUBJECTED TO CROSS EXAMINATION IS INADMISSIBLE EVIDENCE – ADDITION DELETED

2. Mukta Gupta v. ITO (ITA No. 2766/D/18, 2767/D/18) (ITAT, Delhi) (Dated 26/11/2018)
SECTION 10(38) & 68 – PENNY STOCK – ADDITION ON ACCOUNT OF PROFIT ARISING FROM SALE OF SHARES, ALLEGED AS PENNY STOCK CANNOT BE MADE UNDER SECTION 68 – SUFFICIENT EVIDENCES WERE ON RECORD TO PROVE VERACITY OF THE TRANSACTION – SEBI REPORT BY ITSELF WAS NOT SUFFICIENT TO DENY THE TRANSACTION ENTERED BY THE ASSESSE.

Many goods and services has changed since the time it was introduced. For example when GST was introduced, near 229 were having GST rate of 28%. Whereas now only 31 items net are having GST rate of 28%. Below is the list of 31 items having GST Rate of 28%.

This list updated upto 1st January 2018 and incorporates all the changes notified by government on the basis of suggestion given by GST council in the 31st meeting.

Road tractors for semi-trailers of engine capacity more than 1800 cc 8701

Motor vehicles for the transport of ten or more persons, including the driver [other than buses for use in public transport, which exclusively run on Bio-fuels] 8702

Motor cars and other motor vehicles principally designed for the transport of persons (other than those of heading 8702), including station wagons and racing cars [other than Cars for physically handicapped persons] 8703

Motor vehicles for the transport of goods [other than Refrigerated motor vehicles] 8704

Chassis fitted with engines, for the motor vehicles of headings 8701 to 8705 8706

Bodies (including cabs), for the motor vehicles of headings 8701 to 8705 8707

Parts and accessories of the motor vehicles of headings 8701 to 8705 [other than specified parts of tractors] 8708

Motorcycles (including mopeds) and cycles fitted with an auxiliary motor, with or without side-cars; side-cars 8711

Parts and accessories of vehicles of headings 8711 8714

Aircrafts for personal use 8802

Yachts and other vessels for pleasure or sports; rowing boats and canoes 8903

Explanation 1.- For the purposes of this entry, value of supply of lottery under sub-section (5) of section 15 of the Central Goods and Services Tax Act, 2017 shall be deemed to be 100/128 of the face value of ticket or of the price as notified in the Official Gazette by the organising State, whichever is higher.

Explanation 2.- (1) “Lottery authorized by State Governments” means a lottery which is authorized to be sold in State(s) other than the organising state also. (2) Organising state has the same meaning as assigned to it in clause (f) of sub-rule (1) of rule 2 of the Lotteries (Regulation) Rules, 2010 Any chapter 31 Actionable claim in the form of chance to win in betting, gambling, or horse racing in race club Any Chapter

Trademark registration that works to protects your business reputation and goodwill around the world. With the trademark; one can easily make his or her business familiar to the target market. Trademark can be representing as graphic, text, words or combination of these elements. It can be use over the letter pad of the company, banners of services and products, marketing pamphlets, visiting cards and many more. All these worthy materials and the exact use of trademark would bring the business on the mark efficiently. Well, during the process of trademark registration there is one of the fields where you need to specify about the trademark classes like the category of products and services in respect of which the proposed trademark is being used.

Trademark Classes of Goods and Services

If we concern varied goods and services there are total of 45 classes out of which 34 classes are for products and 11 are stated for services category. The main aim of classification of trademark goods and services is to prepare a complete hierarchy which trademark is being used under which category. While following this strategy; it will be easy for the govern bodies to handle the trademark classes list at domestic and international level.

Trademark Classes List of Goods and Services:

Class 1: is for Chemicals, Resins, and Plastics.)Class 2: is for Varnishes, Paints, and Anti-corrosion substancesClass 3: is for Cosmetics, Hair Oils and Lotions, and Cleaning PreparationsClass 4: is for Greases, Lubricants, and FuelsClass 5: is for Pharmaceutical, Medical, and Sanitary PreparationsClass 6: is for Goods of Metals and Alloys, Ironmongery and Hardware ProductsClass 7: is for Equipment and MachineryClass 8: is for Hand-operated Devices and ToolsClass 9: is for Scientific, Electrical, and Technological ApparatusClass 10: is for Medical and Surgical Instruments and ApparatusClass 11: is for Heating, Cooling, Drying, and Refrigerating ApparatusClass 12: is for Land, Air, and Water VehiclesClass 13: is for Explosives and FirearmsClass 14: is for Precious Metals and Stones, and Jewelry ItemsClass 15: is for Diverse Musical InstrumentsClass 16: is for Paper Goods, Stationery Products, and Printed MaterialsClass 17: is for Rubber and Plastic Goods and ProductsClass 18: is for Products made of Hides and LeathersClass 19: is for Various Non-Metallic Building Materials)Class 20: is for Furniture, and other precious household ArticlesClass 21: is for Kitchen Utensils, Household Appliances and Glass productsClass 22: is for Ropes and Cordage, Fibers, and Stuffing materialsClass 23: is for Threads and Yarns for uses in textilesClass 24: is for Textiles and FabricsClass 25: is for Apparels and ClothingClass 26: is for Fringes and Fancy Goods and ProductsClass 27: is for Floor Coverings and Wall HangingsClass 28: is for Toys, Sporting, and Sports GoodsClass 29: is for Meats and Processed Food ItemsClass 30: is for Auxiliary Food and Beverage ItemsClass 31: is for Agricultural and Horticultural ProductsClass 32: is for Beers, Light Beverages, and Fruit JuicesClass 33: is for Wines and SpiritsClass 34: is for Tobacco Products and Smokers’ Articles

Services

Class 35: is for Advertising and Business ServicesClass 36: is for Insurance and Financial ServicesClass 37: is for Building, Construction and Repair ServicesClass 38: is for Telecommunication ServicesClass 39: is for Transportation and Storage ServicesClass 40: is for Treatment of Materials ServicesClass 41: is for Education and Entertainment ServicesClass 42: is for Computer, Scientific and Legal ServicesClass 43: is for Hotels and Restaurants ServicesClass 44: is for Medical, Beauty, and Agricultural ServicesClass 45: is for Personal and Social Services Services

(i). Do you want to file Nil return?
Note:Nil return can be filed by you if you have not made any outward supply (commonly known as sale) AND have NOT received (commonly known as purchase) any goods/services AND do not have any liability.

(ii). Have you made inward supplies (other than reverse charge supplies) during the period (Table 4A):
(iii). Have you made inward supplies (attracting reverse charge) during the period (Table 4B):
(iv). Have you received any supplies from un-registered suppliers) during the period (Table 4C):
(v). Have you imported any service (Table 4D):
(vi). Do you intend to amend inward supplies reported in Table 4A (other than reverse charge) (Table 5):
(vii). Do you intend to amend inward supplies reported in Table 4B (reverse charge) (Table 5):
(viii). Do you intend to amend inward supplies reported in Table 4C (supplies received from un-regd. persons): (Table 5)
(ix). Do you intend to amend import of services reported in Table 4D (Table 5):
(x).Have you received any debit/credit note (Table 5B):
(xi). Do you intend to amend debit/credit note reported in Table 5B (Table 5C):
(xii). Have you made any outward supply during the Qtr (Table 6):
(xiii). Do you intend to amend outward supplies reported in Table 6 in earlier quarters (Table 7):
(xiv). Have you paid any advance amount for reverse charge inward supplies or made adjustment there to [Table 8A(1) / 8A(2)/8B(1)/8B(2)]:
(xv). Do you intend to amend advance amount received for reverse charge supplies [Table 8A(1) / 8A(2)/8B(1)/8B(2)]:
(xvi). Do you intend to claim refund from cash ledger (Table 12):
(xvii). Previous period(s) / return(s) liability, if any: Previous period (s) / return (s) liability would be system determined.

Deferred tax refers to the tax effect of temporary differences between accounting income that is calculated by taking into consideration the provisions of Companies Act, 2013 and taxable income that is calculated by taking into consideration the provisions of Income Tax Act,1961.

Temporary Differences:

While calculating taxable income, certain expenses debited to Profit or Loss A/c are disallowed in one period and gets reversed in future period in accordance with provisions of the Income-tax Act. In the same manner, certain incomes credited in one period to Profit or Loss A/c form part of the income in future period. Such items are considered as temporary differences.

For example:

(i) In case of treatment of deferred revenue expenditure (say, advertisement expenses incurred in one year but the benefit of which extends in subsequent years also), the expenditure incurred is amortised over a period of time but as per tax laws, it is allowed wholly in first year in which such deferred revenue expenditure is made.

(ii) In case of advance incomes received (say, advance rent), the disclosure of same is mandatory for the purpose of calculating taxable income. However, this income is recognized in the books of account when actually earned.

(iii) In case of different book and tax depreciation which could arise due to difference in depreciation rates or methods of calculating depreciation i.e. SLM or WDV or differences in composition of actual cost of assets.

(iv) In case of provisions made in anticipation of liabilities where the liability is allowed in the subsequent period when it crystalizes.

Deferred Tax Accounting:

The accounting, presentation and disclosure of deferred tax is carried out as per the provisions of “Accounting Standard- 22” (i.e., Accounting for Taxes on Income) or “Ind AS- 12” (i.e., Income Taxes). Deferred tax asset or deferred tax liability is created by debiting/crediting Statement of Profit and Loss.

The following table shows different cases where deferred tax asset/ liability is required to be created:

CASES

DEFERRED TAX ASSET/ LIABILITY

Book Profit > Taxable Profit

Deferred Tax Liability (DTL)

Book Profit < Taxable Profit

Deferred Tax Asset (DTA)

Deferred Tax Asset/ liability in case of LOSS:

Due to differences in income as per financial books and taxable profit as per tax laws, there is a certainty that one book reflects loss and other shows profit. In that case, the following treatment shall be made:

CASES

DEFERRED TAX ASSET/ LIABILITY

Loss as per books of accounts and Profit as per tax laws (Subject to the principles of prudence)

Deferred Tax Asset (DTA)

Loss as per tax laws and Profit as per books of account (MAT has to be paid)

Deferred Tax Liability (DTL)

Deferred Tax Computation Rate:

The deferred tax asset/liability is calculated at the normal rate of tax.

Deferred Tax Asset Accounting:

Deferred Tax Asset (DTA) account is created by crediting Profit & Loss Account. The following journal entry is required to be passed.

Deferred Tax Asset A/C……………. Dr

To Profit & Loss A/C……………………..….

Deferred Tax Liability Accounting:

Deferred Tax Liability (DTL) account is created by crediting Profit & Loss Account. The following journal entry is required to be passed.

Deferred Tax is the tax effects of Timing Difference. The whole concept of deferred tax is depending on timing difference.

Accounting income (loss) is the net profit or loss for a period, as reported in the statement of profit and loss, before deducting income tax expense or adding income tax saving.

Taxable income (tax loss) is the amount of the income (loss) for a period, determined in accordance with the tax laws, based upon which income tax payable (recoverable) is determined.

As per AS-22Timing differences are the differences between taxable income and accounting income for a period that originate in one period and are capable of reversal in one or more subsequent periods.

Example: – An asset is purchased of Rs.1,00,000/- having a useful life of 5 years and allowed 100% depreciation under Income Tax Act. Profit before depreciation is Rs.2,00,000/-.

Rs. 20,000/- (i.e. 100,000/5) is allowed as depreciation while computing the accounting income and Rs.1,00,000/- is allowed as full depreciation in the year of purchase while computing the taxable income.

Hence, Accounting Income is Rs.1,80,000/- (i.e. 2,00,000-20,000)

Taxable Income is Rs.1,00,000/- (i.e. 2,00,000-1,00,000)

Hence, the difference between Accounting Income and Taxable Income is created in this year and shall be created in a subsequent year (by the balance depreciation of Rs. 80,000=1,00,000-20,000) because in subsequent years, while computing the accounting income the entity shall deduct the depreciation of Rs. 20,000 but nil depreciation shall be allowed while computing the taxable income. This is called timing difference.

Last date of Income Tax Return filing is approaching. All taxpayers have a lot of doubts and queries related to income tax. Though each query is different and unique but there are some common points which are useful for all taxpayers. Over last 10 years, the return filing process has simplified. Once it was unthinkable to file the return on your own. I used to pay Rs 4,000 for return filing in Mumbai. TRP was 1st major reform and max fees of a TRP was capped. Online tax filing turned the table upside down and completely simplified the entire process. In case, you have income only from salary, you don’t require any professional help to file the return.

I still believe that there is a long way to go. The entire taxation process should be simplified. One of the solutions is to do away with deductions and allowances. Tax at lower rate 5% should be charged on Gross income. Another solution is to tax cash transactions which will bring more people in the tax net. The biggest problem in India is the mindset of people to evade tax. If everyone will start paying the tax honestly then Income Tax rates will automatically reduce to lower levels. It will bring more people under tax net as lower rates will not pinch the pocket of taxpayers. Anyways its a topic of long discussion. Through this post, i am sharing 51 important points related to income tax.

1. The official website of Income Tax department is www.incometaxindia.gov.in

2. As per Income Tax Act, Income is taxable under five heads- Salary, House Property, Business or Profession, Capital Gain and income from other Sources. It sounds so simple but in reality it is very complex to calculate.

3. For a Salaried Employee, Form 16 from his Employer is a must.

4. A Salaried Employee can file Income Tax Return by using Form 16 and adding other Income. Here i am assuming that there is no other source of income

5. From FY 2015-16, Transport Allowance is exempted up to Rs.1,600 per month.

6. A Standard deduction of 30% is available on Income from House Property.

7. Second House Property is always considered as deemed let out. You have to consider the Income from House Property even if it is vacant. In case of Home Loan, you can claim Loss from the Let Out Property.

8. For self-occupied house property, maximum deduction of Interest on Home Loan is Rs. 2 Lac. For let out property, actual Home Loan Interest is allowed as a deduction.

9. Repayment of Home Loan Principal amount u/s 80C is up to Rs. 1.5 Lac. You may check my post, Home Loan Tax Benefit Deductions for more details.

10. In case of a Business, Tax Audit is compulsory if sales turnover exceeds Rs.1 Cr.

Central KYC or CKYC was replaced the old KYC process. It’s centralized process avoids you to submit multiple KYC while opening savings bank accounts, buying life insurance or investing in mutual fund products into one time centralized process. How to check CKYC or Central KYC Status online?

As I pointed above, now this new Central KYC or CKYC replaced the old KYC process. This reduced the multiple submission of KYC at different stages of financial transactions.

What is CKYC or Central KYC?

It is a single and centralized KYC process for all your financial transactions. In the old format of KYC, PAN was the sole identifier for an investor. However, in new Central KYC Registry system, the list goes beyond Aadhaar and PAN. It removes the submission of KYC at different level or to different financial institutions of your financial transactions.

It is also the single form to create new KYC or modify the existing KYC. Three types of accounts are specified. One is Normal, second is Simplified or for low-risk customers and third is Small investors. You have to select which is applicable to you.

If your aggregate of all credits in a financial year does not exceed rupees one lakh, the aggregate of all withdrawals and transfers in a month does not exceed rupees ten thousand or the balance at any point of time does not exceed rupees fifty thousand, then you will be considered as SMALL account type of investor.

The simplified or low-risk customers means customers who are not able to submit anyone among 6 documents listed. They are Passport, driving license, PAN card, Voter ID, job card issued by NREGA or Aadhaar Card.

This CKYC or Central KYC also includes the FATCA declaration. Hence, it avoids you declare the same at the different level of your investments.

The format of CKYC or Central KYC will be as below.

How to fill the CKYC or Central KYC form?

I have created a short video on how to fill this form. This is simple and easy to understand. Watch this video before filling the CKYC or Central KYC form.

How to check CKYC or Central KYC status online?

As of now, there was no link to check CKYC or Central KYC status online. Hence, many found it hard to check the status online. However, recently Karvy started the facility to check CKYC or Central KYC status online.

This I think a big relief to many. I know that even though you submitted the CKYC or Central KYC application, in some cases the status may not show this. I think they are still at data compilation mode. But still, I feel it’s the big relief to many.